Loudoun County has seen a huge increase in the number of foreclosure/bank-owned and short-sale properties that have hit the market so far this year compared to last year during the same period. But the increase in buyer demand so far this year has been at about the same percentage rate, if not higher as the increase in inventory.
Here are the numbers:
- The number of new foreclosure/bank-owned and short-sale properties that came on the market in 2008 YTD is up 64 percent from the same time period in 2007
- The number of foreclosure/bank-owned and short-sale properties that have sold* so far this year is up 70 percent from the same time period in 2007
*by contract date
The demand for these types of properties is keeping up with the rate of new ones coming on the market. This is good news because we need the inventory to be absorbed so the market can stabilize and start recovering.
For more information about foreclosure/bank-owned and short-sale properties in Loudoun County, Virginia, check out http://LoudounForeclosures.com.
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